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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Financial Information

SEGMENT FINANCIAL INFORMATION
															Three Months Ended
																					March 31, 2024												April 2, 2023
Net sales:
Consumer Packaging																					$	910,577											$	958,008
Industrial Paper Packaging																					593,060												615,855
Total reportable segments																					$	1,503,637											$	1,573,863
All Other																					133,906												155,920
Net Sales																					$	1,637,543											$	1,729,783
Intersegment sales(1):
Consumer Packaging																					$	3,545											$	2,007
Industrial Paper Packaging																					28,417												38,720
Total reportable segments																					$	31,962											$	40,727
All Other																					1,791												2,789
Intersegment Sales																					$	33,753											$	43,516
Segment operating profit(2):
Consumer Packaging																					$	93,027											$	96,494
Industrial Paper Packaging																					65,844												94,367
Segment operating profit																					$	158,871											$	190,861

(1) Intersegment sales are recorded at a market-related transfer price.

(2) Segment operating profit viewed by the Company’s management to evaluate segment performance does not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in last-in, first-out inventory reserves; gains/losses from the sale of businesses or other assets; derivative gains/(losses); or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and the All Other group of businesses.

RECONCILIATION OF SEGMENT OPERATING PROFIT TO INCOME BEFORE INCOME TAXES
												Three Months Ended
																		March 31, 2024												April 2, 2023
Segment operating profit																		$	158,871											$	190,861
All Other operating profit																		17,125												22,560
Corporate
Restructuring/Asset impairment charges																		(31,618)												(28,814)
Amortization of acquisition intangibles																		(22,939)												(21,164)
Gains from divestiture of business and other assets																		—												72,010
Acquisition, integration and divestiture-related costs																		(5,661)												(5,188)
Changes in LIFO inventory reserves																		(431)												5,425
Derivative gains/(losses)																		286												(6,085)
Other operating (charges)/income, net(3)																		(3,180)												43
Operating profit																		$	112,453											$	229,648
Non-operating pension costs																		(3,295)												(3,658)
Interest expense																		(31,220)												(34,232)
Interest income																		3,558												1,562
Income before income taxes																		$	81,496											$	193,320

(3) Primarily consists of losses related to highly inflationary accounting in Turkey and consulting fees.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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No definition available.

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